IMF says Spain will probably miss austerity targets

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2012-06-17

Spain's economic woes have come to a head according to the IMF which has revealed the country is likely to fall back from its budget targets for this year.

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The IMF has said it wants Madrid to adopt wider reforms to reduce its debts.

Already the Spanish government has made a commitment to apply drastic spending cuts to try to slash the budget deficit.

IMF officials have said the target needs to be 5.3% from its latest figure of 8.5%.

Spain will need to raise the revenue from new taxes and spending cuts.

But spending cuts have already sent unemployment soaring in Spain, which has the highest unemployment rate in the eurozone.

Almost one in four workers is out of a job.

Source: Spain News.Net

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